Sterling GBPUSD reve...من Timothyt

Sterling GBPUSD reversed off its resistance at 1.2222 where it could potentially drop further to 1.2111.

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Boris Johnson accused Jeremy Corbyn’s Labour party of “preposterous cowardice” after opposition MPs blocked the prime minister’s second attempt to hold a snap general election to break Britain’s Brexit impasse. Mr Johnson’s defeat has left him at bay in Downing Street, after Labour and other opposition MPs refused to grant him the October 15 election he sought. With parliament suspended for five weeks amid chaotic scenes at Westminster in the early hours of Tuesday morning

Timothyt

GBPUSD rallies to a fresh monthly-high (1.2273) as UK Prime Minister Boris Johnson meets with French President Emmanuel Macron as well as German Chancellor Angela Merkel to renegotiate the Brexit deal, but it remains to be seen if a compromise will be reached with less than 70 days until the October 31 deadline. The lingering threat of a no-deal Brexit may become a growing concern for the Bank of England (BoE) as the central bank has 1 meeting left before the UK departs the European Union (EU),

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Richard Falkenhall, senior FX strategist at Nordic bank SEB, said the pound was likely to fall further following the developments in Westminster. “We are now getting into what seems to be an ugly battle between the new pro-Brexit government and the lower house; a battle in which apparently all means will be used to reach the objective, either to leave on 31 October or to delay a withdrawal,” he said.

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